Extensively adopted strategist Benjamin Cowen says that Bitcoin (BTC) is performing as a number one indicator for the remainder of the crypto market as its dominance degree inches up.
Cowen tells his 785,000 YouTube subscribers that the costs of altcoins fluctuate relying on the motion of Bitcoin.
“We’ve seen it play out time and time once more the place Bitcoin/US greenback [pair] rallies for some time, the remainder of the market can rally slightly bit past it. But when Bitcoin begins to return the opposite course, it’s going to drag the whole lot again down with it.
Bear in mind Bitcoin drives the bus, the whole lot else – they’re simply bus riders alongside for the trip.”
In keeping with the favored analyst, Bitcoin can be main the remainder of the crypto market’s rally over the subsequent couple of years whilst some altcoins stagnate in the course of the subsequent bull cycle.
“It’s necessary for us to acknowledge that Bitcoin is driving the bus and the altcoin market, they’re the bus riders.
They’re going to go up in a bull market… however it doesn’t essentially imply they’re driving the bus. They’re merely bus riders, they’re alongside for the trip and there’s a superb likelihood that they’re going to overlook the trip subsequent time.
In 2024, 2025 there’s a superb likelihood among the altcoins that you simply actually like, they may miss the bus on the subsequent one.
However guess who’s going to be driving the bus? Guess who’s driving the bus now? Guess who’s going to be driving the bus in 2024 and in 2025 and so forth and so forth? It’s Bitcoin. Bitcoin drives the bus, the whole lot else is a bus rider.”
Cowen additional says that going ahead, Bitcoin’s dominance degree is ready to rise.
“You take a look at the Bitcoin dominance, we’re presently sitting at just under 49%… Now that we discover ourselves on the vary excessive, I do know some individuals are getting nervous.
However I might nonetheless argue that this [Bitcoin dominance level] is probably going going to interrupt earlier than too lengthy. I don’t suppose the narrative is there to carry the dominance again right down to the decrease ranges.”
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